We've kicked off a new engagement with enterprise customer success experts, Bolstra.
Bolstra is a software solution (SaaS) provider for Business to Business companies looking to increase their recurring revenue by reducing churn and identifying upsell opportunities. Their solution, with built-in best practices, helps your company drive the desired outcomes that your customers demand.
Over the last few years, as our agile marketing journey has evolved and we evaluate the maturity of a business' marketing – a key performance indicator that continues to stand out is customer experience. Platforms like Bolstra are putting a measurable and actionable analysis of customer journeys top of mind within organizations – and their customers are seeing amazing results already. In B2B SaaS, customer retention is critical. We're seeing more and more companies miss growth opportunities by focusing solely on acquisition and not on experience, loyalty, and retention.
Acquisition costs are continuing to rise in many industries as digital publishers lock down access to the audiences you're trying to reach, so the return on investment for retention and customer loyalty is growing. It's not that companies want to churn customers, but often times the next big contract takes a back seat to the current customers that you have. As competition and choices rise, and innovation becomes more affordable internal, companies need to pay a lot more attention to customer success.
Compound this with the array of review platforms online and the volume of social media, and marketers must pay attention as well. You can spend millions on effective marketing online only to lose it with one gaff that goes viral. Every individual in your company is now a public representative of your company and must work in unison with your sales and marketing to build your brand's credibility, reputation, and authority online.
Companies vastly underestimate the impact of retention on overall profitability. In fact, A 5% increase in customer retention can increase profits between 25% and up to 125%
Is customer success and loyalty key to your organization? Do you know what your customer retention is and whether it's improving? Do you know what the impact of your customer retention is having on your bottom line?